An Abu Dhabi government department and Bahrain's Gulf International Bank are planning ringgit-denominated sukuk issues in Malaysia, as Middle Eastern issuers seek to diversify their funding options, sources said on Thursday.
Gulf International Bank, a conventional wholesale bank, has begun work on a ringgit sukuk programme which would allow it to raise at least $1 billion, sources said.
Abu Dhabi's transport department is considering a ringgit Islamic funding programme in the Southeast Asian country but has yet to mandate any banks for the deal, the sources said.
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